Hong Kong: Legislation introducing patent box regime enacted
Concessionary tax rate for Hong Kong-sourced taxable profits derived from use or sale of eligible intellectual property
Concessionary tax rate for Hong Kong-sourced taxable profits derived from use or sale of e
Legislation introducing a patent box regime providing a 5% concessionary tax rate for Hong Kong-sourced taxable (i.e., non-capital) profits derived from use or sale of eligible intellectual property (IP), beginning year of assessment (YOA) 2023-2024, was enacted on July 5, 2024.
Background
- The patent box regime was announced in the 2023-2024 budget. Read TaxNewsFlash
- The government launched a consultation on the regime in September 2023. Read TaxNewsFlash
- Draft legislation introducing the regime was gazetted in March 2024. Read TaxNewsFlash
For more information contact a KPMG tax professional:
David Ling | davidxling@kpmg.com
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